- April 13, 2020
- Posted by: icoblock
- Category: Uncategorized
- Binance Coin surged 5% to reach a current daily high of $15.1 but facing strong resistance around that area.
- Against Bitcoin, BNB reached 0.0022 BTC after breaking a four-week high today
- The price action is looking bullish on the 4-hours chart, but BNB remained neutral since the wedge breakout against the US Dollar
BNB/USD: BNB Remains Indecisive
Key Resistance Levels: $15.1, $15.5, $16
Key Support Levels: $13.47, $12, $11.2
Following the latest drop in Bitcoin’s price, Binance Coin appeared to be charting some gains while most major altcoins record significant loss over the past hours. This positive move is fundamentally triggered by the latest news surrounding the 8th largest cryptocurrency – Binance launched Bitcoin options on its futures exchange for mobile users.
After a quick bounce from $13.47 today, BNB surged 5% to reach a current daily high of $15.1, but the price is now trading around $14.6 following a slight drop.
Meanwhile, it started to show a sign of weakness after dropping slightly off the 4-week ascending wedge on April 10. While facing a descending resistance line – marked grey on the 4-hours chart – BNB is also holding support at $13.47.
Binance Price Analysis
If the price drops below $13.47 support – the first orange line spot, it’s expected to go straight to the second orange support line at $12. Below this support lies a small demand area of $11.2, as can be seen in the above chart.
On the upside, Binance Coin is facing resistance at $15.1, which is around the grey descending line. Above this resistance lies at $15.5 – last week’s high.
If buyers can surpass these mentioned levels, fresh challenges may come around $16. But looking at the price action, BNB is currently neutral. The price and volume are at equilibrium.
BNB/BTC: BNB Continued To Gain Momentum
Key Resistance Levels: 0.0022 BTC, 0.0023 BTC, 0.00235 BTC
Key Support Levels: 0.00209 BTC, 0.0020 BTC, 0.0019 BTC
Against Bitcoin, BNB keeps showing a lot of strength since our previous analysis. More so, the price has continued to respect the white ascending trend line forming for the past four weeks now.
Following a daily 3.2% surge, Binance Coin broke out from an ascending channel to touch a new high at 0.0022 BTC, but it failed to maintain the momentum as the price sharply dropped to 0.00214 BTC. Although, the price is still relying on the channel’s resistance that got broken a few hours ago.
The bullish action is still valid on the 4-hours chart despite the slight drop in price. Towards the downside, BNB would need to drop below the channel’s support before considering a bearish trend.
However, the cryptocurrency could rebound at 0.00209 BTC (previous high) if the price continues to drop.
Binance Coin Price Analysis
As said above, the short-term bullish is still intact, especially with the latest channel breakout. If Binance Coin can reclaim the daily high of 0.0022 BTC, the next resistance to watch out for is 0.0023 BTC and 0.00235 BTC.
If the price drops and fails to bounce at the first orange support level of 0.00209 BTC, BNB might roll the second support at 0.0020 BTC, right below the channel. The next level after this is 0.0019 BTC.
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Cryptocurrency charts by TradingView.